Ayrshire plant hire company sold to its management team to let previous owner build up business next door

Tom Blackwood (left) has sold the company he bought from his father to a team lead by Paul McCormack

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An Ayrshire plant hire company has been sold to its management team for an undisclosed sum, allowing its previous owner to concentrate on building a new business next door.

Tom Blackwood, who bought Blackwood Plant Hire in Stewarton from his father in 2001, has sold the business to his team led by sales director Paul McCormack and plant manager Allan Wilson.

The deal, backed by the Royal Bank of Scotland , will allow Blackwood to develop his neighbouring decorative aggregates firm into a fully-fledged garden and visitor centre.

Blackwood and his wife retain a 10 per cent stake in the plant hire operation, where he will continue for two years in a consultancy role while also serving as chairman.

The company supplies machinery across the UK and is expected to turn over £18.5m in its latest financial year, up from £14.8m in 2015-16. Pre-tax profits in the year to March 2016 were up by 42 per cent on the previous 12 months at £1.7m.

The decorative aggregates business was started seven years ago as a sideline. Blackwood said he plans to expand the operation in the same way as the plant hire business, and expects it will take about two years to bring the new growth plan to fruition.